NYSE · Consumer Cyclical

Wayfair Inc.

W · Internet Retail

$64.82

▼ -0.68 (-1.04%)

Data cached · refreshes every 10 min

Insufficient data to generate a complete Graham analysis.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 30.2%

Operating Margin 0.7%

Net Income Margin -2.5%

Fin. Health F

Years to Pay Off Debt -13.7 yrs

Working Capital vs Long-Term Debt -$3.4B

Working Capital -$128M

Valuation A

Price-to-Book -2.55x

Cash Flow A

Free Cash Flow $329M

Owner Earnings $197M

1/6

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $8.5B

Enterprise Value $11.3B

P/E (TTM) 17.48

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 30.2%

Operating Margin 0.7%

Net Margin -2.5%

Company Info

Sector Consumer Cyclical

Industry Internet Retail

Employees 11800

Country United States

Visit website

About Wayfair Inc.

Wayfair Inc. engages in the e-commerce business in the United States and internationally. It provides online selections of furniture, décor, housewares, and home improvement products through its sites comprising Wayfair, Joss & Main, AllModern, Birch Lane, Perigold, and Wayfair Professional. The company offers its products under the Three Posts and Mercury Row brands. Wayfair Inc. was founded in 2002 and is headquartered in Boston, Massachusetts.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	30.2% ▲	30.2%	30.6%	28.0%	N/A
Operating Margin %	0.7% ▲	-2.9%	-6.1%	-10.8%	N/A
Net Income %	-2.5% ▲	-4.2%	-6.1%	-10.9%	N/A
Diluted EPS	-2.44 ▲	-4.01	-6.47	-12.54	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$3.4B	$3.5B	$3.5B	$3.6B	N/A
Total Debt	$4.3B ↑	$4.2B	$4.2B	$4.2B	N/A
Working Capital	-$128M ▲	-$493M	-$328M	-$139M	N/A
Years to Pay Debt	-13.73	-8.58	-5.70	-3.12	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$329M ▲	$83M	-$2M	-$1.1B	N/A
Owner Earnings	$197M	$129M	$30M	-$502M	N/A
CapEx % of Net Income	N/A	N/A	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-58,380	-22,680	4,620	4,620
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	398,000	42,000	-317,000	-943,000
Total Unusual Items	-278,000	-108,000	22,000	22,000
Total Unusual Items Excluding Goodwill	-278,000	-108,000	22,000	22,000
Net Income From Continuing Operation Net Minority Interest	-313,000	-492,000	-738,000	-1,331,000
Reconciled Depreciation	305,000	387,000	417,000	371,000
Reconciled Cost Of Revenue	8,692,000	8,277,000	8,336,000	8,802,000
EBITDA	120,000	-66,000	-295,000	-921,000
EBIT	-185,000	-453,000	-712,000	-1,292,000
Net Interest Income	-119,000	-29,000	-17,000	-27,000
Interest Expense	119,000	29,000	17,000	27,000
Normalized Income	-93,380	-406,680	-755,380	-1,348,380
Net Income From Continuing And Discontinued Operation	-313,000	-492,000	-738,000	-1,331,000
Total Expenses	12,364,000	12,196,000	12,737,000	13,532,000
Total Operating Income As Reported	17,000	-461,000	-813,000	-1,384,000
Diluted Average Shares	128,000	123,000	114,000	106,000
Basic Average Shares	128,000	123,000	114,000	106,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	-313,000	-492,000	-738,000	-1,331,000
Net Income Common Stockholders	-313,000	-492,000	-738,000	-1,331,000
Net Income	-313,000	-492,000	-738,000	-1,331,000
Net Income Including Noncontrolling Interests	-313,000	-492,000	-738,000	-1,331,000
Net Income Continuous Operations	-313,000	-492,000	-738,000	-1,331,000
Tax Provision	9,000	10,000	9,000	12,000
Pretax Income	-304,000	-482,000	-729,000	-1,319,000
Other Income Expense	-278,000	-108,000	22,000	22,000
Other Non Operating Income Expenses				-4,000	-4,000
Special Income Charges	-309,000	-87,000	21,000	26,000
Other Special Charges	233,000	-29,000	-100,000	-96,000
Write Off	23,000	37,000	14,000	39,000
Restructuring And Mergern Acquisition	53,000	79,000	65,000	31,000
Gain On Sale Of Security	31,000	-21,000	1,000	-4,000
Net Non Operating Interest Income Expense	-119,000	-29,000	-17,000	-27,000
Interest Expense Non Operating	119,000	29,000	17,000	27,000
Operating Income	93,000	-345,000	-734,000	-1,314,000
Operating Expense	3,672,000	3,919,000	4,401,000	4,730,000
Other Operating Expenses	471,000	470,000	557,000	632,000
Selling General And Administration	3,201,000	3,449,000	3,844,000	4,098,000
Selling And Marketing Expense	1,425,000	1,472,000	1,397,000	1,473,000
General And Administrative Expense	1,776,000	1,977,000	2,447,000	2,625,000
Other Gand A	1,776,000	1,977,000	2,447,000	2,625,000
Gross Profit	3,765,000	3,574,000	3,667,000	3,416,000
Cost Of Revenue	8,692,000	8,277,000	8,336,000	8,802,000
Total Revenue	12,457,000	11,851,000	12,003,000	12,218,000
Operating Revenue	12,457,000	11,851,000	12,003,000	12,218,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	130,344	125,421	118,149	108,595
Share Issued	130,344	125,421	118,149	108,595
Net Debt	1,796,000	1,802,000	1,887,000	2,087,000
Total Debt	4,297,000	4,221,000	4,204,000	4,155,000
Tangible Book Value	-2,793,000	-2,768,000	-2,721,000	-2,565,000
Invested Capital	490,000	363,000	502,000	587,000
Working Capital	-128,000	-493,000	-328,000	-139,000
Net Tangible Assets	-2,793,000	-2,768,000	-2,721,000	-2,565,000
Capital Lease Obligations	1,025,000	1,103,000	995,000	1,018,000
Common Stock Equity	-2,782,000	-2,755,000	-2,707,000	-2,550,000
Total Capitalization	451,000	127,000	385,000	587,000
Total Equity Gross Minority Interest	-2,782,000	-2,755,000	-2,707,000	-2,550,000
Stockholders Equity	-2,782,000	-2,755,000	-2,707,000	-2,550,000
Gains Losses Not Affecting Retained Earnings	-32,000	4,000	-5,000	-7,000
Other Equity Adjustments	-32,000	4,000	-5,000	-7,000
Retained Earnings	-4,823,000	-4,510,000	-4,018,000	-3,280,000
Additional Paid In Capital	2,073,000	1,751,000	1,316,000	737,000
Total Liabilities Net Minority Interest	6,222,000	6,214,000	6,181,000	6,130,000
Total Non Current Liabilities Net Minority Interest	4,093,000	3,844,000	3,998,000	4,058,000
Other Non Current Liabilities	25,000	33,000	44,000	28,000
Long Term Debt And Capital Lease Obligation	4,068,000	3,811,000	3,954,000	4,030,000
Long Term Capital Lease Obligation	835,000	929,000	862,000	893,000
Long Term Debt	3,233,000	2,882,000	3,092,000	3,137,000
Current Liabilities	2,129,000	2,370,000	2,183,000	2,072,000
Other Current Liabilities	129,000	149,000	137,000	150,000
Current Deferred Liabilities	265,000	212,000	195,000	214,000
Current Deferred Revenue	265,000	212,000	195,000	214,000
Current Debt And Capital Lease Obligation	229,000	410,000	250,000	125,000
Current Capital Lease Obligation	190,000	174,000	133,000	125,000
Current Debt	39,000	236,000	117,000
Other Current Borrowings	39,000	236,000	117,000
Pensionand Other Post Retirement Benefit Plans Current	51,000	79,000	80,000	102,000
Current Provisions				52,000	61,000
Payables And Accrued Expenses	1,455,000	1,520,000	1,521,000	1,481,000
Current Accrued Expenses	178,000	204,000	222,000	215,000
Payables	1,277,000	1,316,000	1,299,000	1,266,000
Total Tax Payable	75,000	70,000	65,000	62,000
Accounts Payable	1,202,000	1,246,000	1,234,000	1,204,000
Total Assets	3,440,000	3,459,000	3,474,000	3,580,000
Total Non Current Assets	1,439,000	1,582,000	1,619,000	1,647,000
Other Non Current Assets	30,000	26,000	23,000	8,000
Investments And Advances	20,000	15,000	14,000	11,000
Goodwill And Other Intangible Assets	11,000	13,000	14,000	15,000
Net PPE	1,378,000	1,528,000	1,568,000	1,613,000
Accumulated Depreciation	-1,764,000	-1,700,000	-1,483,000	-1,228,000
Gross PPE	3,142,000	3,228,000	3,051,000	2,841,000
Leases	671,000	644,000	570,000	544,000
Construction In Progress	34,000	5,000	70,000	36,000
Other Properties	862,000	925,000	820,000	839,000
Machinery Furniture Equipment	1,575,000	1,654,000	1,591,000	1,422,000
Current Assets	2,001,000	1,877,000	1,855,000	1,933,000
Other Current Assets	46,000	41,000	35,000	33,000
Current Deferred Assets	36,000	32,000	79,000	96,000
Restricted Cash			4,000	0
Prepaid Assets	66,000	66,000	81,000	95,000
Inventory	71,000	76,000	75,000	90,000
Finished Goods				90,000	69,000
Receivables	240,000	290,000	234,000	341,000
Other Receivables	108,000	135,000	94,000	69,000
Accounts Receivable	132,000	155,000	140,000	272,000
Allowance For Doubtful Accounts Receivable	-27,000	-18,000	-22,000	-24,000
Gross Accounts Receivable	159,000	173,000	162,000	296,000
Cash Cash Equivalents And Short Term Investments	1,542,000	1,372,000	1,351,000	1,278,000
Other Short Term Investments	66,000	56,000	29,000	228,000
Cash And Cash Equivalents	1,476,000	1,316,000	1,322,000	1,050,000
Cash Equivalents	859,000	855,000	915,000	620,000
Cash Financial	617,000	461,000	407,000	430,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	329,000	83,000	-2,000	-1,132,000
Repurchase Of Capital Stock		0	0	-75,000	-300,000
Repayment Of Debt	-157,000	-117,000	0	-507,000
Issuance Of Debt	1,383,000	786,000	678,000	678,000
Capital Expenditure	-205,000	-234,000	-351,000	-458,000
Interest Paid Supplemental Data	139,000	63,000	53,000	27,000
End Cash Position	1,476,000	1,320,000	1,326,000	1,050,000
Beginning Cash Position	1,320,000	1,326,000	1,050,000	1,706,000
Effect Of Exchange Rate Changes	-30,000	8,000	2,000	1,000
Changes In Cash	186,000	-14,000	274,000	-657,000
Financing Cash Flow	-129,000	-69,000	77,000	16,000
Cash Flow From Continuing Financing Activities	-129,000	-69,000	77,000	16,000
Net Other Financing Charges	-1,355,000	-738,000	-601,000	-80,000
Net Common Stock Issuance		0	0	-75,000	-300,000
Common Stock Payments		0	0	-75,000	-300,000
Net Issuance Payments Of Debt	1,226,000	669,000	678,000	171,000
Net Long Term Debt Issuance	1,226,000	669,000	678,000	171,000
Long Term Debt Payments	-157,000	-117,000	0	-507,000
Long Term Debt Issuance	1,383,000	786,000	678,000	678,000
Investing Cash Flow	-219,000	-262,000	-152,000	1,000
Cash Flow From Continuing Investing Activities	-219,000	-262,000	-152,000	1,000
Net Other Investing Changes			2,000		5,000
Net Investment Purchase And Sale	-14,000	-28,000	197,000	459,000
Sale Of Investment	101,000	39,000	233,000	889,000
Purchase Of Investment	-115,000	-67,000	-36,000	-430,000
Net Intangibles Purchase And Sale	-135,000	-161,000	-203,000	-272,000
Purchase Of Intangibles	-135,000	-161,000	-203,000	-272,000
Net PPE Purchase And Sale	-70,000	-73,000	-148,000	-186,000
Purchase Of PPE	-70,000	-73,000	-148,000	-186,000
Operating Cash Flow	534,000	317,000	349,000	-674,000
Cash Flow From Continuing Operating Activities	534,000	317,000	349,000	-674,000
Change In Working Capital	-49,000	11,000	146,000	-219,000
Change In Other Current Liabilities				0	4,000
Change In Other Current Assets				1,000	0
Change In Payables And Accrued Expense	-95,000	38,000	-18,000	-177,000
Change In Payable	-95,000	38,000	-18,000	-177,000
Change In Account Payable	-95,000	38,000	-18,000	-177,000
Change In Prepaid Assets	11,000	10,000	16,000	27,000
Change In Inventory	6,000	-2,000	16,000	-21,000
Change In Receivables	29,000	-35,000	132,000	-48,000
Changes In Account Receivables	29,000	-35,000	132,000	-48,000
Other Non Cash Items		8,000	5,000	49,000	13,000
Stock Based Compensation	335,000	395,000	605,000	513,000
Asset Impairment Charge	23,000	37,000	14,000	39,000
Depreciation Amortization Depletion	305,000	387,000	417,000	371,000
Depreciation And Amortization	305,000	387,000	417,000	371,000
Amortization Cash Flow			1,000	1,000
Amortization Of Intangibles			1,000	1,000
Depreciation			416,000	370,000
Operating Gains Losses	233,000	-29,000	-100,000	-96,000
Net Income From Continuing Operations	-313,000	-492,000	-738,000	-1,331,000

These metrics estimate what Wayfair Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

N/A (negative EPS)

Margin of Safety

—

Market Cap ÷ Company Value

-0.16

P/B Ratio

-2.55

Warren's Owner Earnings

$197M

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

1/6 — Speculative Investor

✅ Adequate Size

$12.5B

vs > $1.5B revenue

❌ Strong Financial Condition

0.94x

vs Current Ratio > 2.0x

❌ Earnings Stability

4 loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Moderate P/E Ratio

17.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

N/A (negative book value)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-38.50

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$9.43

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	N/A	$0M	$0M	-$75M	-$300M
Free Cash Flow	$329M ▲	$83M ▲	-$2M ▲	-$1.1B •	N/A •
Warren's Owner Earnings	$197M	$129M	$30M	-$502M	N/A

Peers & Industry Comparison

Internet Retail — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
W	$64.82	$8.5B	17.48	30.2%	-2.5%	$12.5B
AMZN Amazon.com, Inc.	$271.32	$2,917.9B	32.4	50.6%	12.2%	$742.8B
BABA Alibaba Group Holding Limited	$134.06	$330.8B	23.6	40.8%	8.9%	$1,016.7B
JD JD.com, Inc.	$30.06	$41.1B	15.9	9.3%	1.5%	$1,309.1B
EBAY eBay Inc.	$108.92	$48.4B	25.2	71.8%	17.6%	$11.6B
ETSY Etsy, Inc.	$64.50	$6.1B	24.7	71.6%	9.8%	$2.9B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

3.99%

Moderate — some alignment with shareholders

Return on Assets (ROA)

-9.1%

Poor — assets are not generating adequate returns

Debt Trend YoY

+1.8% YoY

Debt is roughly stable

Leadership Team

Niraj Shah

Co-Founder, Co-Chairman & CEO

Age 51

Pay: $289,568

Jon Blotner

President

Age 44

Pay: $259,616

Kate Gulliver

CFO & Chief Administrative Officer

Age 43

Pay: $260,000

Steven Conine

Co-Founder & Co-Chairman

Age 52

Pay: $84,605

Corey Gilbertson

Vice President of Platforms, Services & Sales

Top Institutional Holders

Institution	% Owned	Shares
FMR, LLC	14.71%	15,997,458
Capital World Investors	12.37%	13,457,158
Vanguard Group Inc	8.86%	9,634,757
Renaissance Technologies, LLC	4.97%	5,407,325
Blackrock Inc.	4.87%	5,299,765
BAILLIE GIFFORD & CO	3.68%	4,002,104
Janus Henderson Group PLC	3.28%	3,570,475
Spruce House Investment Management LLC	2.69%	2,923,845

⚠️ Very high beta — extreme price volatility

⚠️ Short interest exceeds 20% — heavy bearish bets

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

3.02

High volatility — moves more than the market

Short Interest

21.1% of float

Heavy short selling — market has significant bearish bets

Current Ratio

0.76x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $29.68 Current: $64.82 High: $119.98

Currently at 39% of 52-week range

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